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Author Question: The efficient quantity of gasoline to sell in Motorland is A) 1.7 million gallons per month. B) ... (Read 55 times)

gonzo233

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on: Jun 29, 2018
The efficient quantity of gasoline to sell in Motorland is
 
  A) 1.7 million gallons per month.
  B) 1.8 million gallons per month.
  C) 1.6 million gallons per month.
  D) 1.9 million gallons per month.

Question 2

Explain the difference between a change in demand and a change in quantity demanded. What leads to each of these changes?
 
  What will be an ideal response?


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zacnyjessica

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A change in demand occurs when consumers will buy more or less of a product at every price; a change in the quantity demanded occurs when the price changes and consumers buy more or less. A change in demand is reflected by a shift of the entire demand curve, while a change in the quantity demanded is reflected by a movement along one demand curve.
Only a change in the price of the good brings about a change in the quantity demanded. A change in demand is brought about by a change in any of the other influences on demand, namely, the prices of related goods, income, expectations, the number of buyers, and preferences.


gonzo233

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ASDFGJLO

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Reply 3 on: Yesterday
:D TYSM

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